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Casinos on Losing Streak: Wynn, Boyd

(Updated with Wynn and Harrah's quarterly results and stock prices.)

LAS VEGAS ( TheStreet) -- Casino operators are on a losing streak, as both Wynn Resorts (WYNN - Get Report) and Boyd Gaming (BYD - Get Report) have today reported yet another quarter of falling profit, sending shares of the companies tumbling.

Wynn saw its third-quarter earnings tank 33% to $34.2 million, or 28 cents a share, compared with $51.2 million, or 49 cents, in the year-ago period.

Casinos are struggling as consumers stay away from the slots.

The company did, however, managed expectations well; excluding property charges and other items, the company earned 33 cents a share, far surpassing analysts' estimates of 15 cents.

Revenue inched up to $773 million from $769 million last year. But this is still Wynn's fourth consecutive quarter of falling profit.

Similarly, Boyd is on a two-year losing streak, as its profit tumbled nearly 26% in the third quarter -- the eighth consecutive quarter in which the casino operator has reported a profit decline.

During the quarter, the company earned $6.3 million, or 7 cents a share, compared with $8.7 million, or 10 cents, in the year-ago period.

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SYM TRADE IT LAST %CHG
BYD $14.32 0.00%
ISLE $14.43 0.00%
LVS $50.55 0.00%
MGM $19.91 0.00%
WYNN $103.56 0.00%

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